SAN FRANCISCO – Providian Financial Corporation announced today that it plans to file for a fifteen-day extension of the March 16, 2005 filing deadline for its 2004 Annual Report on Form 10-K in order to complete the restatement and finalization of its financial statements. The Company now expects to file its 2004 Form 10-K on or before March 31, 2005. As previously announced, the Company is in the process of restating its prior period financial statements to correct certain errors relating to accounting for securitizations, specifically the methodology for estimating the value of interest-only strips.
The Company disclosed the estimated impact of the restatement on net income in 2004 and prior years in a press release on February 28, 2005, subject to completion of management review and independent audit procedures. Adjustments, if any, resulting from this process are not currently expected to result in any significant changes to the estimated impact on net income for 2004 or the Company’s outlook for 2005, as set forth in the February 28 press release. However, the Company can give no assurance as to the final results of the management review and audit procedures currently being performed.
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